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Abercrombie & Fitch's net sales down 3% in Q1
28
May '16
Apparel retailer Abercrombie & Fitch reported a fall of 3 per cent in first quarter of 2016, ended April 30, to $685.5 million as compared to $709.42 million in the corresponding quarter last fiscal, attributed to traffic headwinds.

By brand, net sales decreased 5 per cent during the quarter to $323.3 million at Abercrombie, and decreased 2 per cent for Hollister to $362.1 million as compared to prior fiscal quarter.

By geography, net sales for the quarter reduced 5 per cent to $425.4 million in US, and remained flat in international markets as compared to the same period last fiscal.

“Our results for the quarter reflect significant traffic headwinds, particularly in international markets and in our US flagship and tourist stores, resulting in negative comparable sales,” Arthur Martinez, executive chairman of Abercrombie & Fitch said.

“We expect the second quarter to remain challenging, but to see better results in the back half of the year as our assortments continue to improve and we see returns from significant investments in marketing, store management and omni-channel,” he added. (MCJ)

Fibre2Fashion News Desk - India

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